What's Going On With Nio Stock?

NIO Inc NIO shares are trading lower Wednesday. The stock appears to be facing continued selling pressure following weak earnings on Tuesday.

What Happened: Nio reported second-quarter revenue of $1.21 billion, which missed the consensus estimate of $1.35 billion, according to data from Benzinga Pro. The company reported a quarterly loss of 45 cents per ADS, which missed estimates for a loss of 36 cents per ADS. 

Nio said vehicle deliveries in the quarter totaled 23,520, which was down 24% sequentially and down 6% on a year-over-year basis. 

The China-based EV maker guided for third-quarter revenue of $2.61 billion to $2.69 billion versus estimates of $2.44 billion. The company said it expects third-quarter deliveries to be between 55,000 and 57,000. 

"Attributed to the product transition based on the NT2.0 Platform, coupled with the expansion of our power network and the strengthening of our sales capabilities, we expect a solid growth in vehicle deliveries in the second half of 2023," said William Bin Li, founder, chairman and CEO of Nio.

Nio provides production and delivery numbers on a monthly basis. Investors should get a look at numbers for August sometime next week. 

Nio has also faced additional selling pressure due to broader weakness in China. Several China names are moving lower Wednesday morning. 

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NIO Price Action: Nio shares closed Tuesday down 1.18%. The stock was down another 4.22% at $10.43 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Nio.